March canola is down $2.80 per metric ton (mt), March soybean oil is down .17 cents/pound, May European rapeseed is down 3.25 euro per mt and February Malaysian palm oil is down .45%. March oats are down 2 3/4 cents/bushel. February crude oil is up $.42 per barrel, February ULSD is up $.0182 per gallon, and the March Canadian dollar is up .00065 at .72265. The March U.S. Dollar Index is down .139 at 98.770 and the February Brazilian real is down .00005 at 0.18505.

Soybean oil and canola have turned lower as midday nears, giving up overnight gains in what appears to be light profit-taking. In canola's case, that is likely ahead of meetings in China given expectations are low for the removal of tariffs at this meeting.

Row-crop markets are maintaining gains with record-setting ethanol production for last week just reported likely helping. At nearly 1.2 million barrels per day (bpd) reported for last week, it ended up 8.9% ahead of the previous week and 9.2% ahead of last year. That topped off another round of flash sales announcements with 136,000 mt corn sold to South Korea and 334,000 mt soybeans sold to China.

In outside markets, Treasuries are higher despite a hotter-than-expected PPI report while the equity selloff has accelerated. It appears to be a risk-off, flight to safety type of trade, especially considering the new record highs set in precious metals yet again; but there is no indication as to why.

The U.S. dollar remains lower while energy markets have turned mixed. Another huge build in gasoline stocks (on the week) has that market lower while a distillate draw supports diesel and crude oil gains have been pared back with a 3.4-million-barrel build in that case.

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